An automobile insurance company divides customers into three categories, good risks, medium risks, and poor risks. Assume that 70% of the customers are good risks, 20% are medium risks, and 10% are poor risks. Assume that during the course of a year, a good risk customer has probability 0.005 of filing an accident claim, a medium risk customer has probability 0.01, and a poor risk customer has probability 0.025. A customer is chosen at random. a) What is the probability that the customer is a good risk and has filed a claim? b) What is the probability that the customer has filed a claim? c) Given that the customer has filed a claim, what is the probability that the customer is a good risk?

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A: We have to find given odds against win.

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Q: Under what circumstances it would be helpful to identify the probability of an event

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Q: A recent survey showed that the probability of a student using an on-line motorcycle taxi is 0.6.…

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Q: Enterococci are bacteria that cause blood infections in hospitalized patients. One antibiotic used…

A: given data  P(have resistance to vancomycin) = 0.03resistance to vancomycin means not succesfully…

Q: Hospital records show that 75% of the patients will recover from a certain disease. i. What is the…

A: According to the provided information, The probability that patients will recover from a certain…

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Q: If an insurance sales representative has a 0.20 probability of making a sale on every call, what is…

A: Given that n = 6,p =0.20 Find P ( x >=2 ) = ?

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A:

Q: Your financial planning company has a large database of clients. There is a 0.405 probability that a…

A: P(401k) = 0.405 P(Roth IRA) = 0.188 P(401k OR Roth IRA) = 0.513

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Q: 70% of iPhone batteries are made from China and 30% from Korea. The failure rates within a year for…

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Q: Supposed that Stephen is the quality control supervisor for a food distribution company.  A shipment…

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Q: Enterococci are bacteria that cause blood infections in hospitalized patients. One antibiotic used…

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Q: Salaries for teachers in a particular elementary school district are normally distributed with a…

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Q: A shipment of 8 parcels to a production company which contains 3 that are damaged. If the…

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Q: 10% of tax returns from Region A contain fraud. 15% of returns from Region B contain fraud. If 70%…

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Q: Suppose the probability of an IRs audit is 4.2 percent for U.S taxpayers who file form 1040 and who…

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Q: According to the Center for Disease Control (CDC), the percentage of boys who are diagnosed with…

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Q: Assume that 15% of the drivers in a certain city do not have a valid driving license. A policeman…

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A: We have to find given probability.

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Q: If the probability of a person losing on a scratch-off lottery ticket is 0.955, the odds of losing…

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Q: A production process produces 2% defective parts. A sample of 5 parts from the production is…

A: The question is about discrete probability distribution.Given :Proportion of defective parts ( p ) =…

Q: An animal shelter had a 65 % adoption rate for puppies. Of all puppies in the shelter , 75% live to…

A:

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.